Success Story: Developing Affordable Homes

DeVries Place Senior Apartments

Mid-Peninsula Housing Coalition is one of the most successful developers of affordable housing in Northern California. Since 1970 they have developed over 6400 affordable homes for low-income working families, seniors and those with special needs in the greater San Francisco Bay Area and Monterey regions. In 2008, Mid-Pen developed DeVries Place Senior Apartments, an affordable, 103-unit housing development for seniors in downtown Milpitas. The Housing Trust of Santa Clara County invested $500,000 of permanent financing to Mid-Pen to help make this award-winning development feasible.

The Challenge:

There are two major challenges for developers of affordable housing in Santa Clara County: costs and financing. First, there is the high cost of land and construction and the number of years it takes to complete a residential development. Second, there are not enough funding sources to fully finance all of the affordable housing we need; and the sources available are often times difficult to access and complicated to use.

The Solution:

The Housing Trust of Santa Clara County makes loans available to developers of affordable housing quickly, without adding to the regulatory burden created by the necessary layers of affordable housing financing. We make loans of up to $500,000 for the acquisition, predevelopment, or construction of affordable housing at below-market interest rates and work with Opportunity Fund in order to quickly and efficiently underwrite, close, and fund loans.

The $500,000 provided to Mid-Pen for DeVries Place led, in part, to the creation of a nationally recognized development that is providing much needed housing for our county's seniors, while at the same time helping to revitalize downtown Milpitas.

To learn more about our developer loans click here.